From Newsarama's interview with Quesada:
Q: The Cheese 04-23-2007 05:12 PM
Joe, last week you released a preview to the Spider-Man: Swing Shift story by Dan Slott and Phil Jimenez. In the preview, Aunt May is healthy, Spidey's in his red & blues, and as far as I can tell he doesn't act as if he's wanted by the police. Now, I believe Dan Slott has mentioned this story will affect Spidey in the months to come (post- One More Day) so I'm guessing it's in continuity. Where will this fit, continuity-wise?
Answer, from future Spidey editor Steve Wacker:
Close, but no cigar, Cheese. The FCBD story doesn't take place in current continuity. We were trying to create a timeless kind of adventure that anyone coming out of the new movie could pick up and feel like they got a full Spidey adventure.
However, we did drop a couple hints (like the drop-dead gorgeous Jackpot) of new characters that may be picked up on by the new (and as yet unannounced) Amazing Spider-Man creative team. Dan and Phil were both anxious to play along and help. Luckily their schedules worked out and we couldn't be happier to snag them for Free Comic Book Day.